Bank of Japan (BoJ) Deputy Governor Shinichi Uchida said early Wednesday, “Japan is now at a phase where it's important to patiently maintain easy policy.”

Additional quotes

At present, risk of losing chance to hit price target with premature shift from easy policy is bigger than risk of being too late in tightening.

There is still quite a long distance before conditions fall in place to raise short-term rate target.

BoJ will maintain policy framework as we have yet to see inflation sustainably, stably hit price target.

Every policy has cost, there is no free lunch.

As we control interest rates, the impact on market function is unavoidable.

When inflation expectations heighten, the effect of monetary stimulus increases but so does the side-effects so we need to adjust both factors.

BoJ will offer to buy unlimited amount of bonds at 1.0% in fixed-rate operation to contain interest rate rises.